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HomeMy WebLinkAboutSuccessor Agency - 2014-01 SUCCESSOR AGENCY RESOLUTION RESOLUTION NO. 2014- Ol A RESOLUTION OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD JULY 1, 2014 - DECEMBER 31, 2014 ("ROPS 14-15A") I WHEREAS, pursuant to AB xl 26 (as amended by AB 1484, the "Dissolution Act"), the separate legal entity known as Successor Agency to the Redevelopment Agency of the City of Huntington Beach ("Successor Agency") must prepare "Recognized Obligation Payment Schedules" ("ROPS") that enumerate the enforceable obligations and expenses of the Successor Agency for each successive six-month fiscal period until the wind down and disposition of assets of the former Redevelopment Agency of the City of Huntington Beach; and The Successor Agency staff has prepared a ROPS for the six-month fiscal period commencing on July 1, 2014 and continuing through December 31, 2014 ("ROPS 14-15A") which is attached hereto as Exhibit A; and After reviewing ROPS 14-15A, presented to and recommended for approval by Successor Agency staff, and after reviewing any written and oral comments from the public relating thereto, the Successor Agency Board desires to approve the ROPS 14-15A; and All of the prerequisites with respect to the approval of this Resolution have been met. NOW, THEREFORE, the Successor Agency to the Redevelopment Agency of the City of Huntington Beach does hereby resolve as follows: 1. The Successor Agency hereby finds and deteniiines that the foregoing recitals are true and correct. 2. The Successor Agency hereby approves ROPS 14-15A in the form presented to the Successor Agency and attached hereto as Exhibit A, and hereby determines that such agreements and obligations constitute "enforceable obligations" and "recognized obligations" for all purposes under the Dissolution Act. 3. The Successor Agency authorizes and directs the Successor Agency staff to: (i) take all actions necessary under the Dissolution Act to post ROPS 14-15A on the Successor Agency website once approved by the Oversight Board to the Successor Agency; (ii) transmit ROPS 14-15A to the Auditor-Controller and the County Administrator of the County of Orange and to the State Controller and the State Department of Finance ("DOF"); and (iii) to do any and all things and to execute and deliver any and all documents which may be necessary or advisable in order to effectuate the purposes of this Resolution. In addition, the Successor Agency authorizes and directs the Successor Agency staff to make such non-substantive revisions to ROPS 14-15A as may be necessary to submit ROPS 14-15A in any modified form required by DOF, and ROPS 14-15A as so modified shall thereupon constitute ROPS 14-15A as approved by the Successor Agency pursuant to this Resolution. 14-4117/105167 1 Successor Agency Resolution No. 2014- Ol 4. The Successor Agency authorizes the Executive Director, or designee, to make such non-substantive changes and amendments to ROPS 14-15A as may be approved by the Executive Director of the Successor Agency and its legal counsel, and ROPS 14-15A as so modified shall thereupon constitute ROPS 14-15A as approved by the Successor Agency pursuant to this Resolution. 5. The Successor Agency does not intend, by adoption of this Resolution, to waive any constitutional, legal and/or equitable rights of the Successor Agency or the City of Huntington Beach under law and/or in equity by virtue of the adoption of this Resolution and actions approved and taken pursuant to this Resolution and, therefore, reserves all such rights of the Successor Agency and the City of Huntington Beach under law and/or in equity. PASSED AND ADOPTED by the Successor Agency to the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the day of 2014. Chairkian REVIE ED D APPROVED: Ex.c ti e Director AP ED AS TO FORM: rn 3gency ounsel 2 13-3914/101076 Successor Agency Resolution No. 2014- 01 EXHIBIT A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD JULY 1, 2014 THROUGH DECEMBER 31, 2014 ("ROPS 14-15A") [behind this page] rnev Tor the juiy i, zui4 inrougn uecemver si, zui4 venov Name of Successor Agency: Huntington Beach Name of County: Orange Current Period Requested Funding for Outstanding Debt or Obligation Six-Month Total Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding A Sources(B+C+D): "$ " 1,095,840 B Bond Proceeds Funding (ROPS Detail) C Reserve Balance Funding (ROPS Detail) 780,510 D Other Funding CROPS Detail) E Enforceable Obligations Funded with RPTTF Funding (F+G): $ 2;473,794 F Non-Administrative Costs(ROPS Detail) 2,221,794 G Administrative Costs(ROPS Detail) r 250 000 H Current Period Enforceable Obligations (A+E): $ 3,569,634 Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding J I Enforceable Obligations funded with RPTTF(E): E 2,473,794 7rx;' J Less Prior Period Adjustment(Report of Prior Period Adjustments Column S) (632,542}' K Adjusted Current Period RPTTF Requested Funding (W) $ 9;849;252= County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding r v. ,<� �' t', pis' ' a"�" c k 2 L E�ifo�ceable dbli anonfunde�:with RPTTF E � ' 2,473,794. z 9.:. gu r` .. .. ,.,,. ,. .;. ..... . y 4 , M Less nvcif'i" Adjustment eport of Pnvr Pei�od kd*ftients"Column AA} i ' N Ad( steel Current Psnvds PTTF°l� hues#sduncln (L 2;473794': Certification of Oversight Board Chairman: Pursuant to Section 34177(m)of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Name Title Payment Schedule for the above named agency. /s/ Signature Date (Report Amounts in Whole Dollars) D E F G H I J K L M Funding Sourc Non-Redevelopment Property Tax Trust Fund Non-RPTTF Contract/Agreement Contract/Agreement Total Outstanding e Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds 100,244,763 $ $t° ` s '780,510:; $ 315,3 a in x . . tructi 9/14/1998 9/30/2023 PCH Beach Resorts LLC Disposition and Development Merged 5,043,296 N 367,251 Agreement approved on September 14,1998 for the Waterfront Development ,nor 6/19/2002 8/1/2024 Bank of New York Trust Co. Tax Allocation Bonds Debt Service Merged 14,409,156 N Payments -n or 1/12/1999 8/1/2024 Bank of New York Trust Co. Tax Allocation Bonds Debt Service Merged 6,600,976 N Payments 11/17/2010 11/17/2013 Arbitrage Compliance Tax Allocation Bonds arbitrage rebate Merged 500 N 500 Specialist calculation-Federal IRS Compliance 11/17/2010 11/17/2013 Arbitrage Compliance Tax Allocation Bonds arbitrage rebate Merged 500 N 500 S cialist calculation-Federal IRS Compliance ,n or 6/19/2002 8/1/2016 Internal Revenue Service IRS Arbitrage Rebate Payment Merged N ,n or 6/19/2002 8/1/2024 Bank of New York Mellon Tax Allocation Bonds-Payment to Merged 1,539 N Fiscal Agent -n or 1/12/1999 8/1/2024 Bank of New York Mellon Tax Allocation Bonds-Payment to Merged 848 N 848 Fiscal Agent 1/3/2001 Harrell&Company Preparation and filing of Continuing Merged 700 N Advisors,LLC Disclosure Annual Reports and Material Event Notices 1/3/2001 Harrell&Company Preparation and filing of Continuing Merged 2,025 N Advisors,LLC Disclosure Annual Reports and Material Event Notices 21 pw 00 a �., x� " Aft UP / 16 -n or 7/21/2010 8/1/2019 Bank of New York Mellon Legally binding and enforceable loan Merged 2,930,197 N 411,411 agreement with the U.S.Department of Housing and Urban Development for capital improvements ,tructi 6/1/1999 9/30/2033 CIM Group,LLC and Kane Property Tax Sharing Agreement Merged 12,666,819 N Ballmer and Berkman under the Disposition and Development Agreement(DDA)for development of hotel,retail,restaurant, and public parking structure.The Implementation of the DDA and the Sixth Implementation Agreement were entered into from June 1999 to November 2008. .tructi 1/20/2009 9/30/2033 CIM Group,LLC Property Tax Sharing Agreement Merged 989,709 N under the Disposition and Development Agreement(DDA) and Sixth Implementation Agreement for the Strand projects parking structure authorized on January 20,2009. tructi 10116/2006 10/16/2026 Maker Properties&Kane Owner Participation Agreement Merged 5,520,000 N Balimer and Berkman approved on October 16,2006 for (Report Amounts In Whole Dollars) D E F G H I J K L M Funding Sourc Non-Redevelopment Property Tax Trust Fund (Non-RPTTF) Contract/Agreement Contract/Agreement Total Outstanding 'pe Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds 10 I b% tool 7a. 2 IFFIFF-, 77 art O's am 2 107460 on f g'V yag q­ d, 5110/2011 11/2612024 Housing Authority Legally enforceable obligation for Merged 713,733 N SERAF Loan repayment tructi 5/28/1991 12/31/2017 Abdelmudi Development Owner Participation Agreement/Rent Merged 10,000 N Company Differential Agreement approved on May 28,1991 for the development of the three story building at the Oceanview Promenade.The Third Implementation Amendment took effect on November 21,1994. ifies 6/30/2011 11/26/2026 CalPERS Unfunded CaIPERS pension obligation Merged 2,969,608 N as per CalPERS actuarial valuation as of June 30,2012 !ties 9/30/2011 11/26/2026 US Bank Unfunded actuarial accrued liability as Merged 584,127 N of September 30,2013 as per actuarial valuation by Bartel Associates,LLC. ties 9/1012010 10/10/2014 Pacific Life Ins Legally enforceable retirement Merged - Y obligation for early retirement incentive program and annuity contract with Pacific Life Insurance Incorporated. !ties 6/30/2011 11/26/2024 CalPERS/CERBT Unfunded actuarial accrued liability as Merged 247,354 N of June 30,2013 as per Bartel Associates,LLC. Ifies 9/30/2011 11/26/2024 City employees directly Obligation for unused employee Merged 49,662 N involved in Housing and General Leave earned and vested as Redevelopment projects per MOUs and AB 1 X26 and administration 517/2007 4/30/2015 Tierra West Financial and Real estate consultant Merged N (Report Amounts in Whole Dollars) D E F G H I J K L M Funding Sourc Non-Redevelopment Property Tax Trust Fund Non-RPTTF Contract/Agreement Contract/Agreement Total Outstanding e Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired I Bond Proceeds Reserve Balance Other Funds tructi 10/2/2000 9/30/2025 Bella Terra Assodates LLC Property Tax Sharing Agreement Merged 13,148,725 N required under the terms of the Owner Participation Agreement(dated 10/2/2000)and Second Implementation Agreement (dated 9/17/2007)for the development of the Huntington Center(Bella Terra). Includes legal requirements to enforce obligation. tructi 10/4/2010 7/1/2036 Bella Terra Villas,LLC Agreement approved on October 4, Merged 24,651,414 N 2010 for construction of a 467 mixed- use unit project Construction is complete and financed by property tax allocations.Includes legal requirements to implement obligation. ns 6/17/2002 10/1/2030 City of Huntington Beach Loan repayment for advance made on Southeast Coastal N 27/11 capital projects in FY 2004/05 7/8/2012 7/8/2015 Kane Ballmer&Berkman Payment of litigation costs incurred Merged&Southeast Y through June 30,2012 relating to Coastal application for a Temporary Restraining Order pertaining to the June 1,2012 property tax payments eligible under Health and Safety Code Section 34171(d)(1)(F)as amended by AB 1484 7/8/2012 7/8/2015 Kane Ballmer&Berkman Legal expenses to ensure Successor Merged&Southeast 75,000 N Agency compliance with AB 1 x 26 and Coastal AB 1484 6/15/2010 6/15/2015 Keyser Marston Economic Analysis consulting services Merged&Southeast 100,000 N to ensure Successor Agency Coastal compliance with AB 1x 26 and AB 1484 ; � _ „/,i � ✓. .,� .�., � '.vim r/,�`` ;, �,,� �',� � qua ,re �i, ��,, r v.e x�,� Sri � '�✓': ._.,f! \ f%; e 9 e u tlf1' "fir, ' (Report Amounts in Whole Dollars) D E F G H 1 J K L M Funding Sourc Non-Redevelopment Property Tax Trust Fund Non-RPTTF Contract/Agreement Contract/Agreement Total Outstanding ' e Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds yE u l t s s 1 '1t�11' %z 4. �' ?, � y .zs-. \•,• / v:. . fir Ott ,\,, a IV tl RWill ✓ qq� •' � �,' F emu, ,k„���` � b t"1`wa ! is �e ✓'x1 ,< '% /H, � �;.' ,ta ag r„�. �; / � /. ,,, prig• tIq � - � o NO ram„ „/r��y`� s :� � ,, �• � .»�.: r,. • r i , r, 9 re V "bost - � T'i sida 2/1/2012 11/26/2024 Successor Agency,Kane Successor Agency administrative Merged&Southeast N 315,i Ballmer,Keyser Marston, obligations relating to maintaining Coastal and Macias Gini& payments on enforceable obligations O'Connell LLP at al and other activities as required by AB 1X26 ,itions 11/1/2010 11/26/2024 S&S Fencing,Al Fence Fencing to secure Successor Agency Merged 3,500 N Co.,American Fence Property Company 11/1/2010 11/26/2024 TruGreen As needed weed abatement for Merged 4,000 N Agency ro e \ / \ rWIN ,: r �„ tructi 10/16/2006 11/26/2024 F Housing Authority Statutory housing obligation for Pacific Merged N Citv Project 2/5/2013 2/5/2015 Kane Ballmer&Berkman Payment of litigation costs for property Merged - N tax payments eligible under Health and Safety Code Section 34171(d)(1)(F)as amended by AB 1484 its 10/8/2012 10/8/2015 Vavrinek,Trine&Day Co Statutorily required review/audit to Merged&Southeast N LLP wind down the RDA,such as due Coastal diligence reviews fit = tY24`� ntl/i a / � r�^rr✓ r a' / r y9,<�/ � fir, 111 "Al nh ; • �n�i'r�t' rl i1 M + t9ir r , �. lr/ ° � `n or 6/19/2002 8/1/2024 Bank of New York Trust Co. Amount needed to fund shortfall in Merged N + (Report Amounts in Whole Dollars) D E F G H I J K L M Funding Sourc Non-Redevelopment Property Tax Trust Fund Non-RPTTF Contract/Agreement Contract/Agreement Total Outstanding e Execution Data Termination Date Payee Description/Project Scope I Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds ment 1/26/2014 1/26/2017 AON Environmental Liability Policy for IMerged 39,551 N Edinger Parcel Policy#PLS 15012298 section 34177(l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is availat -ceable obligation. B C D E F G H Fund Sources Bond Proceeds Reseve Bal ance Other _4RPTTF Prior ROPS RPTTF Bonds Issued Bonds Issued Prior ROPS period distributed as Rent, on or before on or after balances and DDR reserve for next Grants, Non-Admin and nformation by ROPS Period 12/31/10 01/01/11 balances retained bond payment Interest, Etc. Admin 124113) W& dance(Actual 07/01/13) should tie to columns J and 0 in the Report PAs) 76,421 11/13) should tie to the ROPS 13-14A distribution )Iler during June 2013 467,800 5,875,998 IA Enforceable Obligations(Actual should tie to columns L and Q in the Report 467,800 5,263,623 Balance (Actual 12131/13) hould only include the retention of reserves 3PS 13-14A A A ariod Adjustment NP/M A, 0 6 '6, A, ,,, quire 02 v hould tie to column S in the Report of PPAs. entry ry, A T02 54 W' , 56 :3 tv "ell IV W i' Ham. ew 06/30/14 §r, J te(Act6il'01/0111114)" F6, and,Hk!= 6)' "688, '44 110 Nk, 7 79W", �w 6/30/14) should tie to the ROPS 13-14B distribution )Iler during January 2014 315,330 5,655,611 )rceable Obligations(Estimate 06/30/14) 315,330 5,655,611 Balance (Estimate 06/30/14) may include the retention of reserves for 3 13-14B (Report Amounts in Whole Dollars) Period Adjustments(PPA):Pursuant to HSC Section 34186(a),SAs are required to report the differences between their actual available funding and their actual expenditures forthe ROPS 13-14A(July through December201 or the ROPS 14-15A(July through December 2014)period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment.HSC Section 34186(a)also specifies that the prior period adjustments self-reported by S. E I F I G H I J K L M I N 1 O P 4 F don-RPTTF Expenditures RPTTF Expenditures Reserve Balance Other Funds Non-Admin Admin Available Available Differ RPTTF RPTTF (If total (ROPS 13-14A Difference (ROPS 13-14A exceed. distributed+all other Net Lesser of Of K Is less than L, distributed+all other Net Leaser of author available as of Authorized/ the difference Is available as of Authorized/ total diffe Authorized Actual Authorized Actual Authorized 0711113) Available Actual zero) Authorized 0711113) Available Actual zer - :, k .. ', 250, •4 „ $, _ $° _'$ 467,800 �„ 5,825,998 $ ,6i702,41 _$ 5,625,998r. �. 5,03,823' $� 632,542 -$ 000 $ 250,000 � 50,000 ;$ ,�r250,000 $ $� 367,049 367,049 $ `367,049- 367,251 1,340,469 1,340,469 $ `1,340,469 1,340,469 $ 604,144 604,144 ,$ 604144 604,144 $ 500 500 $ 500 500 500 $ 50,0 $ T"500„ i 27,784 $ ,; gym: $ Y 1,537 3,074 ;$ � - 1;537 1,537 848 848 $k 848' $` '848''. g n , 250 500 $ 250, 200 $ 50" 1,525 3,050 $ 1 525, 1,525 386,756 388,756 $ , 388,756 366,756 Z 4 677,903 677,903 $'s 677,903'; 677,903 $ r 3 �.a 49,576 49,576 -$ '� 49 576` 49,576 20,000 20,519 77'720 000"r 694 19,306 a (Report Amounts in Whole Dollars) Period Adjustments(PPA):Pursuant to HSC Section 34186(a),SAs are required to report the differences between their actual available funding and their actual expenditures forthe ROPS 13-14A(July through December 201 or the ROPS 14-15A(July through December 2014)period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment.HSC Section 34186(a)also specifies that the prior period adjustments self-reported by S, E I F I G H I J K L M I N 1 O P Q P Von-RPTTF Expenditures RPTTF Expenditures Reserve Balance Other Funds Non-Admin Admin Available Available Differ RPTTF RPTTF (If total (ROPS 13-14A Difference (ROPS 13-14A exceed distributed+all other Net Lesser of (If K Is less than L, distributed+ell other Net Lesser of authortz available as of Authorized I the difference Is available as of Authorized I total diffe Authorized Actual Authorized Actual Authorized 07/1/13) Available Actual zero) Authorized 07/1/13) Available Actual zer 467,800u $Fk 5,625,998 $''.,x5,702,419' $. S;625,998 $ 5,013,6235 $', „- .,. 632,542- $'ry-a250,000 $ 250,000 :$ "250000 $ 280,000' $ .z. 4 6,000 12,000 $ 6000" $= 6,000R .:A ' 105,062 105,062 ,$ .„1,05,062, 105,062 +$ 28,952 28,952 $a 28,952 28,952 k V- 52,401 52,401 72,366 ,$ 6,222 6,222 ;$? = 6,222i 6,222 $ 25,688 28,259 $ 25,688 7,622 3' ;* ib- * -0, 5,000 13,242 $ � �5,000' 1,840,000 1,840,000 $ 1840,000 1,339 050 $ 500,950 -,v # � ;• 25,000 35,000 1` 25 000 $ 25,000 2,500 6,500 $� -7: 2500 $; c 2,500 r # r a ,; (Report Amounts in Whole Dollars) Period Adjustments(PPA):Pursuant to HSC Section 34186(a),SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A(July through December 201 or the ROPS 14-15A(July through December 2014)period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment.HSC Section 34186(a)also specifies that the prior period adjustments self-reported by S, E I F I G H I J K L AA I N O P Q F Von-RPTTF Expenditures RPTTF Expenditures Reserve Balance Other Funds Non-Adman Adman Available Available Differ RPTTF RPTTF (ff total (ROPS 13-14A Difference (ROPS 13-14A exceed. distributed+all other Net Lesser of (If K Is less than L, distributed+all other Net Lesser of authoriz available as of Authorized/ the difference Is available as of Authorized/ total dfffe Authorized Actual Authorized Actual Authorized 07/1/13) Available Actual zero) Authorized 07/1/13) Available Actual zer s, ,�. �' ? �- .•,_ Y ,w. � � �.. _' , ,a"ice� e $ $ $ 467;600� $ 5;625,996 $ 5702,419 _;$ . .., ,,5,625,996. ,$ 5,013,623 $', 632,542 $: 250;000 $ 250,000 ;$ -. 2$b,000" $ 5. T250,000 "$ , 11,700 11,700 A 11 700= 11,700 $ 9,666 9,666 '$ r�- 906 9,666 $ 3. x` - . 4 41 .. a& "'. "�- 13,993 ft-A"P, ,,,.z = $F. % .! #e: a w' 1; l ' •,YHA ,�i-_ _1 r $ $ 5,296 (Report Amounts in Whole Dollars) Period Adjustments(PPA):Pursuant to HSC Section 34186(a),SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A(July through December 201 or the ROPS 14-15A(July through December 2014)period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment.HSC Section 34186(a)also specifies that the prior period adjustments self-reported by S. E I F I G H 1 J K L RA I N 1 O P O F Von-RPTTF Expenditures RPTTF Expenditures Reserve Balance Other Funds Non-Admin Admin Available Available Differ RPTTF RPTTF Of total (ROPS 13-14A Difference (ROPS 13-14A exceed. distributed+all other Net Lesser of (If K Is less than L, distributed+all other Net Lesser of authoriz available as of Authorized/ the difference Is available as of Authorized/ total Me Authorized Actual Authorized Actual Authorized 07/1/13) Available Actual zero) Authorized 07/1113) Available Actual zer , 5702,4195, 25,996 �$ 0 � 50, 00 $ ' 0,000 $$ $ 487800 $k 5625998 5,013,623 �$;s�r €. $ -41 $. 4 $ $ 411 " <; V, 466,164 ;$ 244,702 1,636 750 750 $ 750 750 $ -4 tea,. 4,000 4,000 $ 4;000 178 $7 3,822' Y $ $w. , $. 50.000 50.000 €$ " •� 5o.000 - 50,000: JUIy 1, Lui4 Tnrougn uecemDer 3l, Lul4 Item# Motes/Comments Successor Agency Res. No. 2014-01 STATE OF CALIFORNIA COUNTY OF ORANGE ) ss: CITY OF HUNTINGTON BEACH I, JOAN L. FLYNN the Clerk of the Successor Agency to the former City of Huntington Beach Redevelopment Agency, Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by The Successor Agency to the Redevelopment Agency of the City of Huntington Beach at a special meeting held on February 18, 2014 and that is was so adopted by the following vote: AYES: Katapodis, Hardy, Shaw, Harper, Boardman, Sullivan, Carchio NOES: None ABSENT: None ABSTAIN: None Clerk of The Successor Agency to the Redevelopment Agency of the City of Huntington Beach, California